The Cynic: December 11

BUSINESS
This Week’s Business News

Do Kwon Faces Sentencing for the $40 Billion TerraUSD Collapse

Crypto crashes are fun until someone has to face a sentencing hearing. Do Kwon, creator of TerraUSD, is set to be sentenced after pleading guilty for his role in the algorithmic stablecoin implosion that erased roughly $40 billion in value.

Prosecutors say the fallout was one of the biggest retail-investor wipeouts in crypto history. The collapse triggered bankruptcies, lawsuits, and enough congressional finger-pointing to qualify as a spectator sport.

Kwon’s fate now comes down to how seriously the court wants to make an example out of him. And given the scale of the damage, the example might be fairly memorable.

Investors Say SpaceX’s IPO Will Be the Craziest in Market History

Wall Street has seen some wild IPOs, but SpaceX might break the scoreboard. Investors are calling the company’s upcoming debut the “craziest ever,” thanks to towering valuations and the sheer hype around Starlink and reusable rockets.

The numbers being floated sound more like national GDPs than market caps. Analysts think the offering could raise tens of billions and set records for demand from institutions and retail investors alike.

It’s the kind of offering where people don’t ask, “Is this overpriced?” — they ask, “Where do I sign?” And that alone tells you everything about the mood around this deal.

Waymo Recalls Over 3,000 Vehicles for School-Bus-Related Software Bug

Self-driving cars are officially struggling with the world’s simplest rule: don’t pass the school bus. Waymo recalled more than 3,000 vehicles after identifying a software issue that caused some cars to illegally pass stopped school buses.

The bug affected how the system interpreted stop arms and flashing lights. Not an ideal quirk when you’re pitching autonomy as “safer than humans.”

Waymo pushed a software fix, but regulators want a full explanation. And every parent in America is suddenly Googling “Is my kid’s school near a Waymo route?”

Before we get back to overpriced houses and underpaid buyers

If you missed the Nvidia rocket ride, you’re not alone - but this is one of the rare AI ads where retail money hears about it before the suits file the 13F.

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REAL ESTATE
This Week’s Real Estate News

U.S. Home Prices Turn Negative Year-Over-Year for the First Time in Years

Home prices finally did the unthinkable: they went down. National home prices slipped slightly into negative year-over-year territory — a rare event in the post-pandemic market.

The drop is tiny, but symbolically massive. It reflects higher inventory, weaker demand, and a market that’s slowly returning to something resembling sanity.

Nobody’s calling it a crash — it’s more like a gentle deflation of a very overinflated balloon. Sellers who priced like it was 2021 are now meeting 2025 reality.

Another Fed Rate Cut Could Nudge Borrowing Costs Lower — But Not by Much

A Fed rate cut sounds exciting until you realize it mostly trims pennies, not dollars. Analysts say a December cut will help with mortgages, credit cards, auto loans, and personal loans — just not enough for dramatic lifestyle changes.

Mortgage rates would drift down, not plunge. Long-term rates depend on bond markets, so the cut acts more like a tailwind than a turbo boost.

Still, any drop helps consumers who’ve spent two years fighting high borrowing costs. Just don’t expect the Fed to magically turn a 6.5% mortgage into a 3% one.

Walmart Quietly Moves Into 3D-Printed Real Estate

Walmart is now dipping its toes into… house-printing. The retailer is partnering with Sika and other construction-tech players testing 3D-printed structures inside its supply chain infrastructure.

It’s not suburban subdivisions yet — but it’s a serious signal. Walmart is exploring whether 3D-printed buildings can slash project costs and speed up development timelines.

If it works, big-box real estate might get a big-tech makeover. And suddenly your local Walmart could have walls that were printed, not poured.

FUN
Riddle Me This

A CEO, an AI model, and a middle manager walk into a budget meeting. By the end of Q4, only two of them are still on payroll, and both insist they “created most of the value.”

Who got cut?

Reply to this email with the answer for a chance to win a surprise

ADVICE
This Week’s Business Advice

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